is buyer or seller responsible for tranfer tax on property sale?

Asked by Bruce, 10533 Thu Sep 23, 2010

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Donald Mituz…, Agent, Chappaqua, NY
Tue Sep 28, 2010
Generally the seller pays the transfer tax in this area. The exception you run into sometimes are bank foreclosures and new construction. Many builders require the buyer pay the transfer tax. There are even some builders who are now trying to place a transfer fee to the builder right in the deed should you sell in the future. The way they are trying to write it, it would affect all sales of a specific property for the next 99 years.

FYI, a number of replies stated the transfer tax is $4 per $1,000, which is mostly accurate. Actually, it is done in $500 increments and is $2 per $500. Sid made a good point that some cities also charge a transfer tax.

Donald A Mituzas - CIPS
Licensed Associate Broker
2008 Realtor of the Year
Prudential Serls Prime Properties
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Sid Walker, Agent, New York, NY
Mon Sep 27, 2010
Depends on the seller. With so many bank foreclosures available for sale, most banks are passing the responsibility of paying transfar taxes to the buyer. Also be aware in addition to the New York State transfer tax of $4.00 per thousand, some cities (such as New York City, Yonkers, Mt. Vernon) also charge a transfer tax. Your attorney should make you aware of your total costing close during contact review.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Sep 24, 2010
Generally the seller pays; consider asking your attorney the question as well, as it applies to your specific situation.
0 votes
Kristina Sch…, , Irvington, NY
Fri Sep 24, 2010

Yes usually the seller pays $4 for every thousand. Another tax to be aware of is the "mansion tax" an additional 1% paid by buyer for properties over $1 million sales price. It something to consider as both a buyer and seller.

Contact me with further questions I'm right in town.

Kristina Schmidt,
Licenced Realtor
Houlihan Lawrence
113 Main Street
Irvington, NY 10533
0 votes
David Jaffe, Agent, Arlington Heights, IL
Thu Sep 23, 2010
Hi Bruce,

It depends on the municipality you are purchasing in. It is more common for the Seller to pay the transfer tax, however in certain areas the Buyer must pay a transfer tax as well. I would check with the city or town you are purchasing your home, they can give you a more concise answer.

Best of luck...

0 votes
Christopher…, Agent, Tarrytown, NY
Thu Sep 23, 2010
Hi, typically in NY state the seller pays the transfer tax which is four dollars per every thousand of the sale price. In cases of a bank owned property or foreclosure the buyer pays the tax

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated agent
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